Life insurance beneficiary?
Can a minor be named as the beneficary on their parents life span insurance policy?
Answers:
Yes, but save your beneficiary the trouble and word your beneficiary statement resembling this:
Joe Shmoe Custodian for Your Child.
Alternatively, you can name a custodian (trustee) surrounded by your will. Remember, a Guardian has the legally recognized rights to make decision regarding the upbringing and welfare of your child, but it is the trustee that you baptize that has the responsibility for the supervision of the child's assets. It is wise to cross two different people to these posts. Either one is a big responsibility and to ask one personality to do both can be overwhelming.
Other Answers:
They can be named, but within all odds, whoever is the guardian of the minor child will have control over the funds unless you hold the funds put into a trust.
Yes you may name a minor. If you die up to that time they become of age they will not be able to touch the money. They solitary way they can is if they budge to court and someone legally become their guardian and then that individual can act on their behalf.
Source(s):
insurance agent
Yes, a minor can be name as beneficary. But, the legal guardian will enjoy all the speak so of the funds, unless the funds is placed in a trust beside an executor.
Yes, why not? You can choose anyone you want. You are paying for it!